Lend, Borrow or Margin Trade Chainlink (LINK) on Nuo Network
The easiest way to lend, borrow or margin trade Chainlink in a non-custodial way is now live on Nuo Network — which is audited and secured by Quantstamp.
We are excited to announce that Chainlink is now listed on Nuo Network. Using the platform users can
- Lend LINK tokens in a reserve pool and earn interest
- Borrower LINK instantly by staking any collateral
- Collateralise LINK and borrow DAI or ETH or select ERC20 token
- Long LINK with 3x leverage by borrowing DAI or ETH to buy LINK
- Short LINK with 3x leverage by borrowing LINK to buy DAI or ETH
We recently conducted a poll to understand what the broader DeFi community wanted us to list and Chainlink won this poll by an overwhelming majority.
Our goal is to add more tokens for projects with a passionate community and substantial liquidity across DEXs. We will be conducting a poll every few weeks to see the interest and based on your feedback, choose to list a token on the platform.
What is Chainlink?
ChainLink aims to connect blockchain to an off-chain infrastructure. The project intends to bridge the gap between blockchain infrastructure and non-blockchain infrastructure, giving smart contracts access to data feeds, APIs, and payments. Therefore, the ChainLink architecture consists of the on-chain component and the off-chain component. Here is some recent news about Chainlink from their official website.
User Onboarding 🙏
To get started, users can signup on the platform with a Username, Email ID and Password or directly with your wallet (Metamask, Trezor, Trust). A smart contract based Nuo account would be created with an account address where you can transfer ETH, LINK or select ERC20 tokens.
- To Lend LINK, users need to transfer LINK tokens to this Nuo account from any exchange or wallet.
- To Borrow LINK on the platform, users need to transfer ETH or select ERC20 tokens to Nuo account from any exchange or wallet.
1. Lend LINK 📈
Lenders on Nuo Network can supply LINK to earn interest. A user can place a reserve order by selecting the amount and signing this reserve order as a meta transaction. You would get a notification once the reserve order is placed on-chain with a verification link on Etherscan. You would start earning interest based on the amount of borrowing activity on the platform.
As a lender and market maker on the Nuo platform, users can earn an additional 1% bonus on your notional LINK reserve volume for the month of April. The bonus would be added to your trading account on 1st May. More details here.
2. Borrow LINK 💰
Borrowers on Nuo Network can either collateralise ETH or select ERC20 tokens to borrow LINK with 0.3x or 0.5x or 0.7x leverage. Borrowers only pay premium for borrowing LINK and no other fees are charged by Nuo .
A user can place a loan order by selecting the collateral or loan amount along with duration and signing this loan order as a meta transaction. Once this loan order is relayed on-chain, the loan amount is transferred instantly to your Nuo account. This loan amount can be withdrawn from your account to any exchange or wallet.
A LINK loan is repaid via a one time transaction before the end of loan duration. In case you fail to repay on time, the loan defaults and you would lose your collateral upto loan amount plus premium. Excess collateral amount would be transferred back to your Nuo trading account.
3. Margin Trade LINK 🏆
Traders can Long or Short LINK with upto 3x leverage across ETH and DAI markets. To long LINK against DAI, you would essentially be borrowing DAI against a collateral to buy LINK tokens from our partner exchanges (Uniswap or Kyber). This ensures that as LINK prices rise, you can earn 3x more in profit than you otherwise would have.
Similarly, you can short LINK against DAI with 3x leverage by borrowing LINK against a collateral to covert it into DAI from our partner exchanges. This would ensure that as LINK prices go down you can still earn 3x profits on this trade.
You can set a stop loss and take profit limit on the platform which will automatically be triggered if prices drop or rise too much while you were away.
Disclaimer 📃
Nuo Network enables lending and borrowing using smart contracts which are open source. Nuo Network does not take custody of tokens and is only a peer to peer marketplace for lenders and borrowers. Nuo Capital Pte Ltd is a Singapore corporation and is not a licensed bank, money lender or an exchange. Nuo Network currently does not charge fees from users for any of the services provided through its smart contracts.
Note: Nuo Network is experimental technology and software. Please use it at your own risk. Losing your trading account private key or forgetting your password may result in permanent loss of funds. It is recommended to connect your Web3 Wallet (Metamask, Trust etc) to use the platform without your password. For any enquires, please reach out to us at info@getnuo.com
